Dennis Gartman: S&P Wants to Correct Lower

With earnings season about to go full swing, investors were trying to make sense of the recent Apple sell-off, wondering if it’s a sign of something bigger.

According to Dennis Gartman, it probably is. He says, prepare for the market to pull back.

“A correction is long overdue and is now upon us with Apple leading the way down,” Dennis Gartman tells us.

“Apple was the leader on the upside and now it’s probably the leader on the downside. Apple is the general and when the general is wounded the rest of the army tends to become a little confused and confusion breed contempt.”

However, Gartman also says he doesn’t think the sell-off will be anything too severe.

“It’s not going to be much – maybe another 10 to 30 points in the S&P. I think we’re going to take the S&P back to 1360 maybe 1340 – but at that point valuations will be substantial enough for buyers to come back into the market.”

And he says if you're a retail investor, don’t let the selling spook you. “It’s perfectly normal for this kind of thing to happen when a market gets a little over bought.”

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